How to Negotiate a Raise!

Apr 9, 2019

Nobody actually likes having this conversation, but it is a necessary and crucial part of ensuring your financial well being: asking for a raise. Look, we get it...it can be really awkward. You can come across as pushy and entitled, or unconfident and unworthy. Here are a few tips on how to nail the convo so you walk away with extra dolla dolla bills in your pocket.

1.Don’t feel guilty about negotiating.The worst that could happen is your boss says “No” and you still have a job. But there’s a chance that you could get what you’re asking for! You have nothing to lose and everything to gain,so... GO FOR IT!

2.Do your research.Look at similar job postings for the job you are doing and see what salary they’re paying. Then consider your financial situation and cost of living. Know what you can afford to accept before walking into that office so you have a clear line drawn in your mind beforehand.

3.Beware of the anchoring bias.This is where the first number spoken is what remains the “anchor” throughout the conversation. For instance, when getting hired, a potential employee is asked what their current salary is. And despite the hiring manager’s budget, they offer you just a bit more than what you’re already making. To avoid this, try toneverthrow out the first number during salary negotiations.

4.Show what you’re worth.Avoid general statements about what you have contributed, and bring concrete examples to the table. Compile a detailed list of your major work projects and professional contributions. Always try to provide samples of your work.

5.Use the 10% rule of thumb.Not sure how much to ask for? Ask for 10% above what you are currently making. This ensures that you don’t come across as being too greedy but also proves that you are confident in knowing what your work is worth.

6.Negotiate on other things besides salary.If there’s no wiggle-room in the budget for any raises right now, you can always ask for additional perks in your negotiation. More paid time off, a gym membership, the ability to work remotely a few days per month, tuition reimbursement or stock options are all reasonable requests to increase your compensation.

You bring value to the table and should never feel bad about being compensated accordingly. A slightly uncomfortable discussion for 20 minutes really could provide years of benefits. So, remember: you are worth it, you deserve it and you’ve earned it... now, go get it!